ArabFinance: Rowad Tourism Company (Al Rowad) (ROTO) posted a 7% Year on Year decline in its net consolidated loss in Quarter one (Q1) of 2020, according to a June 11th financial statements filed to the Egyptian Exchange.

Consolidated net loss reached EGP 15.482 million in Q1 2020, compared to EGP 16.686 million incurred in the corresponding period.

Standalone net loss stood at EGP 10.297 million in Q1, a 56% increase from EGP 6.584 million incurred in Q1 2019.

In late April, the company obtained an EGP 7 million compensation from Misr Insurance Holding Company for the damaged floating property, River Pioneers Hotel.

Earlier, it stated that the highest bid price for buying the hotel was EGP 3.8 million including the license fee.

Al Rowad is an Egyptian public shareholding company that has a portfolio of companies operating in tourism urbanization and development. The company is engaged in tourism development activities; ownership, leasing, and management of hotels and tourist resorts, as well as in related operations including tourist transportation services and commercial agency services.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.